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(testimonial section) did you know, 94% of people who use lyric would recommend lyric to a friend or loved one. can your hearing aid do all this? lyric can. to learn more about lyric's advanced technology, call or visit trylyric.com for a risk--free 30--day trial offer. you'll also get a free informational dvd and brochure. why wait? hear today what a little lyric can do for you. get the hearing aid that can. lyric from phonak. lyric can. stuart: here it is. the highlight reel. we have 14,300 earlier.
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we are above it now. >> the next 15% move will be to the downside. i thought that was dumb. where will the next 100-point move go? this is the worst closer recession ever. stuart: it is heads you win, tails you when. here we are, sandra, against charles. sandra: these are international, conglomerations. stuart: i give it to dagen and connell. dagen: thank you. i am dagen mcdowell. connell: i am connell mcshane.
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the average going well beyond the average highs ever seen. dagen: hugo chavez dead and gone. the uncertainty of venezuela's future and what it means for oil coming into this country. connell: the importance of tougher cyber crime laws. their efforts to boost security inside the government. dagen: putting a wet blanket over our nation's capital. connell: time for stocks now. good morning, nicole. nicole: good morning. what a day on wall street. obviously, another exciting day for the bulls out there. you are seeing so many stocks in the green. the bank stocks doing very well.
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the tech heavy nasdaq is pulling back as well. the nasdaq had been down for four days. when i think of hess, i think of names like google. obviously, not a bad day for the bulls. packing onto yesterdays gains. dagen: thank you. connell: the question after the record close for the dow is how long will this rally last. dagen: we are joined by charles payne and elizabeth macdonald. charles is on every day, you, elizabeth, are not. elizabeth, what do you say? liz: this market is retracing the exact same pattern it did in 2011, 2012. he is saying, you know, watch
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the members of the dow. the fact that aig, citigroup, gm are no longer in the dow really matter to him. private margins will not hit the peak levels they sell in 2011 and 2012. that means they do see a moderate kind of pull back this year with revenue, top-level erosion. if the economy improves, that means the fed dials back. connell: we also have bob joining us from des moines, iowa. charles: i have been enthusiastic about the market for a long time. i am enthusiastic about individual companies.
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elizabeth made the point, the dow 30. thirty companies, what they have in common. global right now. the global economy is doing extraordinarily well. it is no longer about paris, athens or madrid. that is why i am enthusiastic. dagen: and it is about uncle sam, bob. do i want to loan my money to uncle sam for ten years and get paid almost nothing or do i want to own a piece of an american business that is growing? is that the choice and will investors make the right one? >> we are not very optimistic on owning u.s. treasuries for ten years.
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we think the stock market is going up for some good reasons. connell: similar argument to the one charles is making. what is the level of skepticism that is really out there? liz: this will sound like him oxymoron. these guys that i talked to -- the big picture narrative for the market is this, 3 billion middle-class consumers. new middle-class consumers. that is always a positive for global industries. dagen: bob, do we need the individual investor to continue to put money into the market for this rally to continue?
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>> i think that is true. it has been the trend ever since the financial crisis. that great rotation that a lot of people are talking about has not just happened yet. we think it may at some point down the road. we think there are a couple good reasons why we think the stock art it is where it is. there is a lot less fear and the fundamentals are doing better. we saw 42131 of the best ways to explain what has happened for investment is what did not happen in 2012. we did not go off the fiscal cliff, china did not have a hard landing, the euro did not collapse despite all the doom and gloom from last year, those risks did not happen. as those risks fade, we think
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people are going into what is more aggressive positioning of their portfolios. connell: more reporting throughout the day. dagen: will congress advert a shut down? this pending resolution will avoid a government shutdown, but keep this a quest or in place. here now to answer whether or not he will vote bow for this is charlie rangel will you vote for this continuing resolution today
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>> i do not think so. with the stock market domain and profits that are at all time -- there is a kick back in my hearing aid here. dagen: take your time. it would seem that the private sector would be helping us to create jobs. we do not hear anything about it. all the president is talking about is while these profits are being made, just one percentage, one half of 1% goes to creating the jobs we need. we need economic growth here, not just profits.
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congressman, we have this up kuester caught, the world did not end in the dow still managed to it an all-time high. >> the private sector has no responsibility for infrastructure. the truth of the matter is that this has not been a bill to create jobs on our side. it takes a partnership to create these jobs. this up kuester is no way to produce a budget. every economist will tell you that. dagen: it was the president's idea for this up kuester in the first place.
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>> sequestration is no way for an international leader like the united states of america to prepare its budget to move forward. it is wrong we did raise revenue at the end of the year. beyond that, do you believe, as an elected official that this country has a debt problem that we impart need to cut back on some of this spending? >> when you have over $16 trillion in debt and some of it is to countries that have not been friendly to us in the past that this has to be considered a
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national emergency. when you say we have already raised revenue what we did was adjust the top percentage. now what we are talking about is closing the economic loopholes and the unfairness and unjust this to the tax system it should not make any difference. it is important if we are going to rebuild our infrastructure. dagen: $43 billion out of a $4 trillion budget. do you think the economy will fall off a cliff because of it? >> i do not want to be involved whether it falls off a cliff people are losing their jobs.
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they are going into the street they are going into unemployment or if they do not have any resources, they are not buying anything. they are losing their houses. this is the wrong way to go when we are moving in the right direction as it relates to employment. it does not make sense to us at this time while we are working our way out of a recession to lay off these people. 50% of the sequesters deal with our military. dagen: congressman, we can continue to debate this for months and years to come. you are welcome back anytime. connell: the weather is a big issue down there. it is not stopping congressman wrangle today. it is keeping a number of government workers at home. dagen: hugo chavez is on.
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now we talk about the future leadership in venezuela. connell: the cyber threat. tougher laws to protect our government infrastructure. our series continues on markets now. ♪
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and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. dagen: stalks now and the cool, staples taking a major hit today.
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nicole: they raised their quarterly dividend by 1%. their estimates are lower than expected. they talked about weakness in europe and weakness here at home and north america. you are saying it down almost 6%. let's take a look at apple. it has given back a little bit here today. down three quarters of a percent. the advertising executive said that some of the other names other than iphone work tripod, hello ott and even ipad. talk to you.
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connell: talking about the possibility of a government shutdown. today it is really the weather that is shutting down washington, d.c. dagen: peter barnes is live at the white house. it looks perfectly fine. peter: we are ready for the snowquester, right? anyway, it is, however, snowing north and west of here. it is getting pretty windy. they are talking about highway and year of 35-40 miles an hour later in the day. eventually, eight to 12 inches of snow. government officials just wanted people to stay home today. take a listen.
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>> the federal government joined with us in making our decision as well. i think, again, i have to err on the side of caution. peter: get this, congress is open for business today. congress decided to stay and work. namely because the house is scrambling to continue a continuing resolution to keep funding the federal government after march to seven with the current resolution expires. this current legislation would keep the place to $85 billion so kuester cuts, would give, however, a little bit more flexiiility on how it would allocate it cuts. the president, we want to report, is continuing to work on the budget.
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it turns out he will be having dinner tonight with about a dozen senate republicans as he launches to try to get votes for what he wants to do. dagen and connell. connell: hopefully they have four-wheel-drive. a little bit of everything out of peter today. thank you, peter. dagen: the same storm washington is bracing for has left the midwest and a deep freeze. connell: who will follow hugo chavez in venezuela? we have that coming up next. ♪ ♪
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>> i have your fox news minute. the united nations has unofficially 1 million syrians have fled the country during the two-year civil war. about half of those are children under the age of 11.
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2 million syrians have been displaced within the country. the conflict began as a rebellion against the president. last month russia conducted its largest nuclear army drill in 20 years. the forces tested transport of strategic weapons. the size of the exercise reportedly raised some u.s. concern. a pentagon called the test a routine exercise. john brennan is closer to becoming the director of the cia. twelve-three to confirm brennan. the full senate could vote to confirm as early as tomorrow. those are your headlines. back to dagen and connell. dagen: thank you. connell: to talk about the weather a little bit more, peter barnes was from the white house.
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dagen: so much for an early spring as the storms shake up our energy market. jeff flock is doing one of our favorite things. we are forcing him to stand outside in chicago in the freezing cold and try to talk. go. jeff: chicago? what do you mean chicago? this is the arctic tundra. this is something out of a national geographic show at some point. you would expect to see penguins or polar bears. take a look at natural gas. we joke about it. this time of year, you can see, it is pretty much downtown chicago. if you take a look at natural gas, you see the numbers. right now the man is actually pretty decent.
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yesterday natural gas closed at its highest level in six weeks. as we walk along the lakefront, this is the drifting snow of chicago. if you take a look at the five-year, we will compare two gold, oil, agricultural commodities, i tell you, historic lows. not a bad investment. i can talk and if you look at the lakefront it is beautiful. just a little chilly. connell: you mentioned earlier hugo chavez is dead and gone. the thing we have now is uncertainty.
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dagen: here are some of today's winners on the s&p 500. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing.
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saying that they will close approximately 15 to 20 stores in the year 2013. c.e.o. and executives noting that the early spring mall traffic that they are seeing, and this is their quote, has not been as robust as we would like. so that doesn't bode well. it just means that shoppers aren't out there as much as they had hoped. american eagles are closing. does that mean good news for abercrombie & fitch? i was looking at that kid. i'll bet you shops at both. back to you. dagen: you cannot dismiss the importance of venezuela to the united states. it's one of the biggest oil exporters to the u.s., fourth by my recent count. venezuela owns citgo so with the death of hugo chavez, what does that mean for us and our energy supplies? connell: we have the "wall street journal" editor yum board member with us in the studio
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today who has covered venezuela and hugo chavez over the years so that, dagen is right, is the big question for us and the economic question of what comes next now in venezuela? >> i think getting rid of chavez was a necessary condition. he's been putting together for that's going to stay in place. they don't have fair elections. they don't have a free press. they don't have a market economy and they have a lot of money from oil revenues so there's no reason to think that anything is going to change in the immediate future. dagen: oil supplies fell significantly. i think production was down a million barrels a day. will that improve, do you think? he did great damage. remember the strike where he filed the oil workers? he did big damage to the
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infrastructure. >> he's basically politicized the oil company. to get a promotion, it's not what you know as an oil engineer. it's how loyal you are. but if the guy who is going to be the president, currently the vice president, he will probably run if they hold the elections like the constitution said they should and he'll probably be elected because of the sympathy vote and a lot of momentum and the fact that, you know, there's not an environment for a fair election anyway. if he gets into power and stays there, i think the oil company will continue to decline because he's very ideological and he's very close to cuba so he's going to continue with that model. the only thing that positive could happen, i think, is that if there's a power struggle inside the regime and someone more practical emerges and less ideological, for example, the guy president of the national assembly, the -- he tends to be
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more nationalistic, more down on this idea that cuba should be running venezuela. he wants venezuela to be first and foremost in charge of itself, and i think that he would be more practical. since he has control of the military, there's a chance that that could happen. not i think, in the next couple of months but over time and i think the economy will continue to decline so there will be more pressure for them to do something. connell: so the next president is probably going to be madeira. i think a lot of people if they start to read about it realize that venezuela does, they basically give free oil to cuba. $3 billion or $4 million a year, i believe it adds up to, depending on the price of oil. that could change at some point? >> cuba has worked very hard to prop him up. while chavez was sick, they brought him to havana, tried to hash out all the in-fighting
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going on but i think that maduro doesn't have the charisma and the kind of ability to insight the crowd. connell: so he might not stay? >> i think there could be a power struggle. if there is, i think the likely leader that would emerge from that would be this guy who is now the president of the nationalists. dagen: does our relationship change with them at all in terms of oil supplies that they send into this country and citgo? >> yeah. i think one thing that's not well understood is that our buying the oil from venezuela is more important for venezuela than them selling it to us. the idea that they would shut down sales to the u.s. is crazy. i mean, the whole dictatorship depends on all of this dollar flow, right? if we all of a sudden said, do you know what? we don't need the oil anymore. we can get it from alberta through the keystone pipeline -- dagen: that's why it's an important topic.
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>> oil is a global pool and we can get that oil from anywhere and right now he supplies those gulf coast refineries but we don't have to get the oil from venezuela. that's the problem more for them than always. connell: thank you. dagen: thank you so much. microsoft slapped with a huge fine for not playing ball with regulators in the e.u. connell: we'll talk about that and the cyber threat series continues today as we talk about the importance of tougher cyber crime laws, bringing security in the government. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ]
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>> i'm here with your fox business brief. shares of j.c. penney are tumbling after they get hit with a downgrade. citigroup lowered it to neutral saying that they can fix the pricing steps that fixed sales. martha stewart taking the stand today in the dispute between macy's and j.c. penney over the rights to sell martha stewart products.
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she was surprised by how far this has gone. studio unit is testing a pilot for a children's series. the on line retailer says it has 12 pilots currently under development for its streaming service. users will be able to vote, user votes will ultimately determine which of the shows amazon will back for production. and for now, that's the latest on the fox business network giving you the power to prosper. at a dry cleaner, we replaced people with a machine. what?
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customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. connell: we continue the cyber threat and there's a renewed push in the bell das way for more comprehensive information, information sharing between the government and the private sector. chairman of the house intelligence committee mike rogers introduces a bill on capitol hill and we'll hear from him later this week but right now we'll hear from captain chuck nash with us out of washington, d.c. to talk about that. it's always good to have captain nash with us and it's interesting because we -- basically it's two questions. i mean, we were talking about
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this legislation. what should be part of it? what does the government need to put in the legislation, in the law that's not already there and then where is the line? where is the line between protection of all of us, the sit sflen -- citizens and privacy? what do you think should be in the legislation if you just had to take a stab at that? >> first off, i think the legislation ought to detail what the government responsibility is and what the government, its job is to defend. what you have here is a situation where private industry, the banking industry, the finance industry has been doing this for decades. they've been out in front of this, they've been spending the money, they've been developing the systems and the protocols to protect themselves because there's money there. on the government side, it's national security so we have the national security agency, we have others who have been working that.
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so the question is, where is that balance and who is going to do what? the government ought to stake out its claim for what it's going to do but at the same time, share the tools and some of the methodology because industry has been doing it for so long, the government could learn a lot from industry and save money doing that. >> and the sharing there would obviously save money but before we talk about the line, the privacy line that i mentioned a while ago, where is the other line, the one you're referring to there? cyber world similar to where it is in the real world where the government just, i guess, protects national security interests and stays away completely from private industry? there are regulations of private industry in the real world as well so where do you draw that line? >> that's the gray area and that's what's going to have to -- it wasn't but three years ago, connell, everybody in town was talking cyber warfare but they had different definitions. they didn't even have the words they wanted to use that they
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could agree on. this is relatively new for the government to step up. you know, before it used to be if you wanted to take down a country, you took massive armies or you blew things up. then we went to nuclear weapons. now you can do it remotely with computers, get on line because we've become so inter connected and our systems are so complex that human beings can't run them anymore. they run automatically and by getting into those automatic portions of the system, you can do the damage of a nuclear weapon from across the world on a computer. connell: so with all of that in mind then, how much or -- how much of our privacy should we be willing to give up or give up as citizens any of our privacy? is that just a fact of life or do we stand up and fight against that? >> yeah. i for one believe we should fight viciously to maintain our privacy but at the same time, we have to realize this is a
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different world. if you look at what people voluntarily divulge on facebook and other social networking sites, the concept of privacy has been underchallenged for a decade now so that whole thing, the privacy, i think really what it comes down is various amendments like the fourth amendment where unlawful search and seizure, those kinds of things. that's where the aclu and these other groups ought to stop just defending the left and start looking at the overall context of things so that they protect all americans and everybody's privacy. but we all as citizens ought to be very, very careful about what our government is doing. >> good conversation, captain. thank you very much for coming on. always appreciate it. >> my pleasure. connell: as we report throughout the week, we've been asking market participants to talk about stocks in the area. michael from raymond james like
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check point software, specializing in security hardware and software. it has an outperformed rating on the company. michael one of many analysts. the unveiling of a new security chip could help boost the stock price and palo alto network also is a strong buy. he owns all of the cyber stocks we're showing you and today is a look at those stocks and how they are performing and two out of three are moving higher. don't miss our next installment of the cyber threat. one-on-one with fireeye c.e.o. and also the former mcafee c.e.o. cyber threat all week on "markets now." dagen: right now nicole has top movers for us. >> we're seeing our markets breaking out to new all-time
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highs on the dow jones industrial average. we're still holding on to gains, 31 points. i want to take a look at the a-names out of the dow 30 that are hitting in some cases all-time highs. you're feeling pretty happy today. chevron, 3-m, g.e., american express, united technologies, johnson & johnson, boeing and disney. so those are the names that are hitting 52-week highs. that along with google that's not a dow component hit an all-time high today. that's on a day before even if we were to close right here right now, this would be a new all-time closing high. whether you think it's because of a better economy or company is doing better or housing improving or more spending from businesses and consumers or if you just believe it's ben bernanke's rally, either way take it for what it is and another winning day on wall street. back to you. connell: thank you, nicole. dagen: microsoft paying the price for the lack of customer
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choice. connell: we go for details on the latest find. >> this is a big one. you can't even call this a slap on the wrist. this is more like a punch in the gut. a huge fine levied by the european union this morning. $731 million levied and hit on microsoft for not giving consumers the choice of a web browser. here's the back story. here's the steps that led to this tough penalty. back in 2009, microsoft and the e.u. agreed to give users a choice in installing internet explorers or other browsers because microsoft admitted to the operating system dominance. then microsoft promised to give users a choice but didn't hold up their end of the bargain. 15 million users in europe from this predetermined period were forced to download its proprietary browser and back in july of last year, microsoft admitted to its oversight and
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acknowledged the issue. the european union acting tough, issuing 3/4 of a million is what it has to pay. they're also looking at google dam innocence in the area of search and advertising, giving us a picture of what could come google's way but overall, a big number, a big fine and it could have been avoided if microsoft just paid attention in terms of what it was doing for its european users and google down a little bit today. back to you guys. dagen: thank you for that. connell: we'll have the latest on the drone spotted near j.f.k. airport in new york and why the f.b.i. is seeking the public's assistance. dagen: and some of today's winners on the nasdaq for you.
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connell: record close for the dow yesterday. up again today. 14,284. we had the private sector jobs report pretty go ahead this morning so we talked about this at the top of markets now, how there's enthusiasm in some corridors there for the continued rally. charles payne was enthusiastic earlier. nasdaq down today and s&p 500 is 1540, just a slight gain. we'll see if the dow ends to the record close yesterday by the end of today. dagen: f.b.i. is seeking public's help to identify what it believes was a model aircraft
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flying by j.f.k. it was first thought to be a drone. connell: and the judge is here. senior judicial analyst is with us now, whatever this was. >> we don't know what it was. if it was a drone, sent by the government, it was a government in the united states of america or outside the united states of america, not communicating with the f.a.a. because the f.a.a. still regulates drones, whether they're legal or illegal drones. what this was and how it got there, we don't know. dagen: it doesn't necessarily mean it's shooting people down. >> not at all. the environmental protection administration uses drones to examine people's use on land. whether you think it's constitutional or not is another issue and it's a profound issue but the e.p.s. does use that because they found it's more effective than sending people on to the land, especially huge parcels of land so this could be
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something benign that got astray and the f.a.a. has told us they don't know what it is. dagen: increasingly it looks like there's greater use for drones in terms of law enforcement, immigration enforcement, even on university campuses and what about the legality of that? even before we get into how the white house thinks it could use drones in this country. >> most r -- the white house wants to use drones for killing under extraordinary circumstances. under no circumstances can the white house do this consistent with the constitution. when the director of the f.b.i. was asked if the president can kill americans with drones, he couldn't answer. when the director of the -- soon to be director of the c.i.a. was asked, he couldn't answer. yesterday the attorney general said yeah, we can probably do it under unique circumstances. i would like to see the circumstances reconciled with the constitution which says very clearly if the government wants life or liberty or property, it
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has to use due process which means a jury trial. connell: is there a difference -- because this has been the big discussion, the citizen of the united states is here on u.s. soil versus some u.s. citizens killed by drones overseas? >> it depends who you ask. connell: we're asking you today. >> i believe the constitution means what it says and that means wherever the government goes, the constitution is. so it's just as unlawful to kill an american with the drone when they're in yemen as when the american is in baltimore. i just picked on baltimore. there are others who will say that the president can use whatever authority he wants surgically to keep the united states safe, even if that means killing people that haven't been charged or convicted. dagen: so answer my original question, what about protecting american citizens? >> the issue of the use of drones to acquire information about people, like a drone in your backyard to see who is at
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your garden party, not yet been ruled on by the courts. connell: good enough. >> shoot it down? dagen: i hope so. >> yes. there's no humor in fox business. dagen: do not give me the legal ability to shoot stuff out of the sky in my yard. connell: fighting back against the cyber threat. continue the series here in a few minutes. protects continues next hour businesses from cyber attacks.
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act right now. call the number on your screen now! investor. yeah, i'm a serious investor but i'm a busy guy. it used to be easier but now there are more choices than ever. i want to know exactly what i am investing in. i want to know exactly how much i'm paying. i want to use the same stuff the big guys use. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >> another day, another record high on wall street fuelled by better than expected private sector jobs numbers but when does that maxin what goes up may
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come down apply? we have a voice of caution coming up. dennis: why not take a snow day? much of washington shut down by snow, though the house will vote on extending the budget this hour. but then it will quickly leave for the rest of the week. cheryl: and counter attacking against the cyber threat. our week long series continuing with the c.e.o. of a company with counter attacks against businesses. but at what price? dennis: top of the hour, stocks now every 15 minutes. nicole at the new york stock exchange and the dow keeps going to new highs. >> we saw the dow above that 14,000 mark and setting those record highs only to watch it during the financial crisis drop down to 6500 so a lot of bulls out there are celebrating that not only did we break through those numbers yesterday but also are continuing this trend today
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with this upper momentum. the nasdaq is pulling back and the s&p 500 virtually flat sitting at 1540. we are seeing a lot of names in the green. bank stocks are doing well. i want to take a look at boston scientific. obviously a popular name in the medical field as doctors have a rare fuse malfunction in the newly implanted defibrillators. good news here, it does not appear to be widespread but the patients who actually have this device implanted have to visit their physicians and this is something that we're dealing with is malfunction. it did not cause death or anything severe but obviously a concern. it's not widespread and they also launching a new catheter and put that altogether means up for boston scientific. back to you. cheryl: thank you very much. given that record breaking day
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the dow had yesterday, wanted to take a look back at where we were in 2007. that's the last time we saw a record high for the dow and if you look at some examples we're about to show you, stocks were somewhat cheaper as you know. if you look at the trailing p.e. here dennis: it was 17 more expensive than now, right? cheryl: absolutely. this is the trailing 12 months basis. this is for the s&p 500 was more expensive than today but if you look at today, dennis, it is more expensive now in that forward p than it was in 2007. dennis: when they end up coming up, they turn to take the multiple down. the previous 12 months are going much faster. shape right. new growth. dennis: yes. this shows where we are as the economy. g.d.p. almost $16 million. g.d.p. growth in the previous 12
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months is down 3.1% to 2.2%. u.s. export up almost 40% which is good for the economy. cheryl: and good to note, too, while looking at the g.d.p. number, do you have an economy not growing when you have a market growing and some say maybe the market is getting ahead of itself. we'll talk about that in a moment and also the debt issue and many of you at home have been listening to all the rhetoric coming out of d.c., the debt problem is huge and the debt burden for this country is much heavier. look at 2007. this is debt a little over $18 trillion. then you look at corporate, the s&p 500 as well, up 13% since 2207. a concern. but americans, all of you at home, have done great in reducing your household debt. take a look at this, down 6%. so while the federal government keeps spending, americans are pulling back.
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dennis: it's up 27% in 5 1/2 years but look at the big picture and why this rally may not be over. take a look at corporate cash up 6% to 1.7 trillion dollars. bank deposits up 40% to $9 trillion. consumer spending, this is a 12-month consumer spend rate, up 14% and home values sill down 15% but down only 15%. i think there's reason to think this is not a top here, that maybe this economy has some support we don't see. cheryl: and maybe the markets have somewhere else to go. let's continue on this conversation right now and bring in gary, the c.e.o. it's good to see you on a day like today. i'm curious what you think here. you've aldz warned about the fed's printing presses in the past, that inflation coming. do you think that the fed is at risk for the rally we have on our hands right now? >> look. i think a lot of this rally since 2008 has been the fed and all you really need to do is get
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out and charter the market and just pinpoint where the fed announced and where they initiate it. you'll see the market turn every time and just go look last week when there was just an inkling that maybe they were going to take the foot off the pedal, the market started getting hit, that made a few heads, including ben bernanke, talk about printing money until 2016 and that got the money going going. there's no doubt in my mind this is fed driven. the economy is an okay shape, earnings are okay. valuations are okay. it's nothing special. this is fed driven. my worry is they're boxed in and they'll keep doing it forever and ever and i don't know what the repercussions are going to be. cheryl: this is charles, saying that the current round of fed bond buying was a bad idea. he's been a bear but also saying they cannot let the imbalances get out of control. he's also concerned about market
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imbalances getting out of control so i think the two of you a degree on the one issue but yet -- >> and yet the market, it's really the bond market, you know, the interest rates are just being held down by the fed. they got the cork in and my big worry has been for a year, and i never know when something is going to happen. when is either the market going to wake up or they're going to have to change something because i got news for you. if we normalized interest rates based on how much debt we have, i have to believe the interest rates will get higher which means the cost of capital is higher which means profits are lower and that could affect the markets. but right now markets are acting well. i have no complaints as long as financials continue to act well, that's a great thing. cheryl: i want to show the unemployment rate under president obama for four years now. ben bernanke did make kind of a hint here that he was looking at 2016 and you say because of what we're seeing on our screen, the
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fact that unemployment, that target by the fed may not get hit until 2016, the easy money continues until then. >> and that's what i think goosed the market. 2016, that was the hint we got a long ways to go and look. you were giving out statistics when the dow was the past high. total unemployment was 6.7 million. it's now 13.2 but the federal reserve books is up $3 trillion. that's all principling of money so they're reacting to all of this. again, i don't know what the final outcome is going to be. i just know ben bernanke is greenspan have been great at one thing and that's creating bubbles and bubbles always crash. we saw it in 2008. i hope i am wrong this time. cheryl: history might be on your side if you look at the movement of the dow after big hits like this one. gary k as we love to call you, good to see you. >> always my pleasure.
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thank you. dennis: selling a little hope there. and the foreigners are coming. and they're gobbling up u.s. homes and apartments. last year foreign buyers purchased $82 billion worth of u.s. housing. joining us, president and c.e.o. of the douglas real estate. thank you for being here. foreigners, are compromising maybe 20% of purchases up from before the bubble. >> at least. and it's not going to stop. it's amazing. they are looking at probably like 20, 30, 40 million dollar pardon mes -- apartments in the city that they're n going to live in all year. they like new, they like high floors. dennis: i thought the richest properties would stay ins laula from being in the slump. did the richest houses even go down in value? >> everybody got pruzed the last couple of years but new york was the last one to get hit and
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first one to come back. dennis: and where are the hot spots? >> they're buying high rises, some new construction. they like new. a lot of the snap built they bought for $55 million. dennis: they're putting down millions for stuff not bought yet. >> yes. miami, we have big projects there. over $35 million pent houses. they want to move their money here and as crazy as this sounds and all the stuff that goes on in the u.s., if you ask them, hey, why? they still feel their money is safer here. dennis: exactly. and the panic that the u.s. can create money is going back in the u.s. as the least panicky place. how much of the foreign buying is individual staffers versus purchases? how much are institution versus? >> institution are buying up foreclosed properties in arizona, parts of california, atlanta.
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however, those are much cheaper properties. they're buying next to nothing. you can buy houses for less than $1,000. and they're republicaning them. they're going to hold them. and then they'll sell them when the market gets good again. however, the flip side for, and you're reading about, well, gee, if investors buy them and they're not homeowners that are going to live in them that when the market really starts to go up, they're all going to dump them at the same time and people are afraid that could create another gut again, you know. dennis: and then suddenly prices will fall again but nothing like the torture we've been through. you must feel like a survivor and all i can say is cob kaish done grat la -- kon grat lagsesn that. dagen: mike bloomberg is taking on apple. we'll tell you about the mayor's latest health risk warning ahead. does it involve sugary soda?
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dennis: and counter attacking the cyber threat. can business afford it? and actually can business afford not to do it? answer is coming up in part six of our series. it's a new day.
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cheryl: coming up on 15 past the hour. stocks every 15 minutes. we have team coverage for you right now. dennis: jeff in chicago is watching gas prices get hot as it gets older and sandra watching oil and charles payne will show us how to make money off an l.e.d. maker. >> i'm trying to contain myself looking at jeff block so cute there with his hood freezing.
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let's talk about what we're seeing. dow jones up about 17 points, still holding on to the gain but really giving back a lot of what we saw earlier this morning. just right at the opening bell, we broke out to new all-time record highs. we saw the dow moving up above 14,300, went to 14,320. we've given a lot back but even with gains, we're setting new record highs right here, right now. we're seeing retailers and drugs pulling back. much like what we're seeing in the nasdaq composite and the s&p 500. some names that are coming under pressure, microsoft having to pay huge fine over to the e.u. we're also seeing caterpillar and exxon coming under pressure and weighing on the dow jones industrials. dow just slightly higher and the s&p 500 and nasdaq pulling back. i'll go over to jeff. i hope at some point he gets to warm up but you're looking good in the hood there. >> really. well, there you go. you're making my day. natural gas, this is a good place to talk about it.
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nothing like late season cold to boost the natural gas market yesterday to the highest level in six weeks. take a look at today, though. we're getting a pullback a little bit. i'll give you a 360 degree view of chicago. looks more like an arctic tundra. that is why natural gas prices got boosted a little bit. usual this will is about the end of the run for natural gas but i'll tell you, if you take a look at the five-year chart, if you really want to make money over the long haul, take a look at natural gas as a long-term play. it's really lowest ends of where it's been and i think it could be up for a gain over time if you're patient. sandra, i know you're patient and i'm glad you're not in chicago today. that's all i can tell you. >> me, too. i can tell you you're standing right on my running path, especially during the summer. that's the prettiest place along the lake to run there. keep warm. we're looking at oil prices here and as one person asked me if the elevator, why is the stock market going up and oil going
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down? the dow jones industrial average takes off while oil prices now reaching the lowest levels of the year and that is because this is oil, a direct reflection what's happening with the economy. you have a weaker economy or a weak recovery, that is, and you get weaker oil prices. a bearish report. we're down about a buck in today's session. back above $90 a barrel but we flirted below 90. we are on pace for what could be the lowest close for oil prices for the year. again, very wearish report showing a bigger than expected build in crude oil supplies. that's weighing on prices in today's session but going back, if we're looking at the oil prices, down about 79 cents on the session. one other thing in the stock market i wanted to point out, guys, looking at the energy sector as a result of the oil prices being down, energy stocks pretty much mixed. some of the big ones like chevron, even up in today's session. exxon mobil down so pretty mixed
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reaction there and also not a real big reaction to the death of venezuelan president chavez. we saw some selling overnight but not a huge player in today's energy session. back to you guys. cheryl: thank you very much. dennis: time to make money and the house of payne this hour. charles payne? >> natural gas but liquid natural gas is getting all the hype now. there's an article in the journal about burlington northern may switch the locomotives over. it's so much cheaperment it's a no brainer. these guys are going to ultimately export this stuff to the rest of the world. so you know real quick, long term contracts with the british group, a korean group and indian group and a spanish group. all of these cover about, i don't know, 50 different countries. cheryl: l.n.g. thank you. we want to make sure we have this right.
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l.n.g. is the one you like. dennis: i like it for the same reasons that jeff does. cheryl: thank you. canada lobbying to get the controversial keystone pipeline built through the united states. rich is going to get that pitch coming up next. dennis: and the cyber threat. how u.s. businesses are fighting back in part six, our week long series. that's coming up. the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone likes 50% more... [ midwestern/chicago accent ] cheddar! yeah! 50 percent more [yodeling] yodel-ay-ee-oo.
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>> i'm here with your fox news minute. day after hugo chavez's death, venezuela is being run by his hand picked successor. vice president maduro is leading the country at least for now as interim president, he'll be the socialist party candidate in an election to be called within the next 30 days. john brennan is closer to being the next director of the c.i.a. the intelligence committee voted 12-3 to confirm him. the full senate could confirm as
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early as tomorrow. nations says one million syrians have fled the country during the two-year civil war. half the refugees are children under the age of 11. u.n. also reports that more than 70,000 have been killed and two million syrians have been displaced within the country. conflict began as a rebellion against president asad in march of 2011. those are headlines. now back to dennis. dennis: thank you. canada's minister of natural resources heading south to u.s. to drum up support for the keystone pipeline. rich? >> well, here at this oil refinery in houston, they clean the heavy crude and distill it and it would be the same type of oil and they could have an extension built here from the keystone pipeline so folks here as well as in canada are looking for that approval process that's taking place in washington right now with the state department. the latest on that, an
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environmental review, a preliminary report from the state department, there's 45 days of a public comment period and then soon, we should be possibly this summer getting the obama administration's call as to whether or not we can go ahead and build the keystone pipeline. the canadian natural resources minister down here in houston today pushing for the financing, pushing for the approval process and also caught up with him so take a listen. >> i think there's a lot of people in business, particularly people here in texas who understand the economic and national security benefits of getting the keystone pipeline approved. i mean, we're talking here about a fundamental choice between oil from a friendly, reliable ally and friend who is responsible environmentally or continuing to get oil from sources that are less reliable, less dependable and have no environmental rules
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to speak of. >> so it's up to the president who is in a tough political spot here. on the one hand you have a number of labor unions who really want to get this thing built. on the other, environmentalists say you're adding to more carbon emissions. net over net, the pipeline wouldn't necessarily increase carbon emissions because right now it's coming from canada anyway, they're just shipping by rail and other ways. it's up to the environmental review process. 45 days of public commenting and here hoping to hear sometime this summer to get this built. dennis: thank you very much. cheryl: well, apparently for another major company, home is not worthy. work is. on the heels of yahoo c.e.o. myers' ban on employees working from home, best buy is now ending its flexible work program. the program let non store workers make their own flexible schedules if some of the
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retailers, 4,000 non store employees want to work from home, they must now get permission from a manager. if they want to do it. and jeffries hot on this retailer today putting up seven reasons jeffries is a new best buy bull, clear cost cutting opportunities examine they cut 24 from 13 and now big buys on the stock. up 46 cents right now. dennis: retailer, you can't afford to work from home. i'm sorry. you have to be there. cheryl: call center jobs but oh, well. dennis: snow quester. that's what they're calling it. peter barns ahead on the costs. cheryl: live shot of d.c. and not new york which is kind of nice. new trend in travel. hotels are getting tougher with their rewards programs but it could be good news for the stocks. we're going to explain that one. dennis: up next the cost of business. fighting off the cyber threat. don't miss it.
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why do more emergency workers everywhere trust duracell? duralock power preserve. locks in power for up to 10 years in storage. now...guaranteed. duracell with duralock. trusted everywhere. cheryl: 30 past the hour, stocks every 15 minutes. nicole, the dow was off of session highs. we had to point out, that is pretty darn good. nicole: that is pretty darn good. next president home depot since the bear market has closed 2009, home depot up 280 something%. you obviously have some big movers during that time. i wanted to take a look at
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safeway. when you're looking at safeway, here it is, down at the bottom. you can see it, down right now about 2%. they do project upbeat earnings for 2013. stronger operating margins and sales growth. safeway today before turning to the red hit a 52-week high. it is also the 2007 highs of $40 but has been back and forth since our lows and getting upbeat earnings will mostly be good news. people took profits and you are seeing is slightly lower now. cheryl: nicole petallides, thank you very much. see you in 15 minutes. dennis: anytime with no graphics at something like that camino is important. the cyber threats. the cost of countermeasures. joining me now from palo alto, ceo of fireeye.
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basically how much do companies, businesses spend right now, and how much should they be spending if they want to be safe? >> thank you for having me, dennis. the cost of security at this point has grown literally doubled over the last 10 years, and when you look at the overall cyber security spend globally reaching 30 early in dollars per year market. that is up from 10, 15 billion a decade ago. we look at the problem, it is very complex. we are not seeing more mao where and more viruses than they've ever seen. fireeye we get 60,000 bad pieces of mai malware every month. the cost of defense for large corporations is very big at this point and the attackers are very
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sophisticated, so very complex problems with a lot of cost involved. dennis: and it seems we are maybe not spending enough. if spending doubled in a decade, we just ran a graphic to say in a single year 600% increase in malware attacks, so where should the burden for spending more money to get more bulletproof, where should it lie? in companies like yours and in other tech vendors were among the businesses or a government stimulus thing we need? >> the problem we have is the attackers are very complex. the chinese military involved with a lot of attacking. very sophisticated nationstates involved with stealing intellectual property from around the world and the problem is the $30 billion we're spending every year on cyber security is usually an old model. a black model that looks for known bad problems in the
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network and the offense is much more sophisticated than that. so we need a new way to do it at least my company fireeye, we have developed new ways using cloud-based software to get ahead of those kind of problems and we are seeing the emergence of new technologies and as you mentioned, the requirement from the government to work closer with private companies like fireeye to combine a community to solve the problems because as a private company we can't solve it, the government they can't solve it and we have very large nationstates the way they are doing it today, it requires a whole new way of solving it. dennis: we had two dozen banks frozen in the past week or two. the electrical grid conifer powerplants, the trains are far more vulnerable, much less protected because it never expected a hacker break-in that isn't that a vulnerable target
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if we ever went to war against the chinese? >> that is what is amazing. we see 141 companies attacked by the chinese alone over 1800 of that, over 3000 different ways in which they attacked the networks and if you look at it across multiple industries, stealing from american companies and the way they are doing it is appalling to me. it is in the energy sector, transportation sector, retail sectors and of course the banking sectors as well where they have not just crime opportunities but intellectual property as both a lot of customer and consumer information. now what we have seen, more than 100 countries involved with this problem. not just a china problem, russia involved with it, middle eastern countries involved with it and a lot of emerging nations are able
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to level the offense in terms of their opportunity to propel their economies in the world today. really complex problem we have. dennis: good luck fighting the fight at fireeye, good to have you with us, dave dewalt. >> thank you. dennis: as we report on the cyber threat throughout the week, we asked for stock picks. managing director, he likes checkpoint software. specializing in computer security. we talked about him before. like many of our other managers, lakes the network solutions. here's how those picks are doing just now. one is up, the other is down a little bit. cheryl: don't miss tomorrow's involvement of the "cyber threat." dennis: at 11 eastern, "cyber threat" all week on
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"markets now." cheryl: much o the government is shut down in washington. looking at a live picture right now of capitol hill, what you can see right now. dennis: how does the nation function? cheryl: peter barnes is working, he will be talking about snow-quester coming up. as they go to break, look at the 10-year treasury. bonds not so much, but there is the yield on the 10-year period we will be right back. my mother made the best toffee in the world. it's delicious.
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tracy: i am tracy byrnes with your fox business brief. the nasdaq teaming up with small trading platform. the former marketplace trading shares on companies. the new venture nasdaq private market expected to launch next week. -- next year. oil prices could hit as much as $270 per barrel by 2020. as demand grows emerging-market in india and china outpaces supply. the organization says expected climb in oil prices will likely be a volatile one with sudden changes have a large impact in the short term. news corp. launching a surtax for the tablet competing against
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discover how gold can help protect your finances and your future. american bullion. piece of gold, peace of mind. call 1-800-gold-ira now. cheryl: as result of spending cuts, many are enjoying a paid day off today. dennis: peter barnes live from the very white house with the snow is coming down. peter. peter: that is right, we have a snow-quester today. sorry, cannot help myself with that. federal government is closed today. as you can see, distorting to kick up, kind of a snowy, rainy mix right now. that is why i have my hoodie on. a lot of snow to the north and west, some video of that.
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we look at 30 to 40 miles per hour wind gust at some point. the district and the federal government just told folks to stay home today. >> we expect to have a total at the end of the day of about eight to 10 inches, connect will continue to be updated. we will have additional two to 4 inches between 1-7 today. peter: guess who didn't take a snow-quester day. congress is actually working today. the current continuing resolution will end, this legislation would keep in place that $85 billion in sequester spending cuts from all of those
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furloughs, but it allows the pentagon, and would allow the pentagon a little bit of room to try to prioritize some of the cuts it has to do. the house hopes to get this done by early afternoon and skedaddle out of town. all the flights have been canceled. the president also working, he plans to have dinner with a group of 12 republican senators, trying to get them to come around to support his proposals on the sequester and on the budget meeting with senator john mccain. guys, back to you, and i'm going to run back inside. dennis: thank you. peter barnes. cheryl: what a trooper. dennis: stocks every 15 minutes, the call at the new york stock exchange with a look at the movers.
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nicole: we are looking at a market here up about 42 points, so we have regained some among them. dow jones industrials up one third of 1%. the s&p up one-tenth of 1%. the tech heavy nasdaq still in negative territory down about two points. the dow jones industrial average hit a new record all-time high today. 14,320. we saw some names on the dow in the green. hewlett-packard and the best performer after being a big ladder last year, bank of america and alcoa helping names long. i want to take a look at google, a hot name people follow, and a nice 10-year chart. it was $85. today it hit yet another all-time high. back to you. cheryl: we will see you at the
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top of the hour. nicole, thank you. calling all business travelers. anybody who likes to travel, you will need a lot more points to get free rooms at your favorite hotel chains. a former business road warrior says yes, it is, first i want to talk about these are mostly major chains that are reducing their point, why are they doing it? >> i think business travel is up, hotels are more full than they have been in years and i think the hotel chains fell points to the credit card companies in so many companies in the marketplace now it is coming for time to people to redeem their points, they're increasing their rates for their free points, having their cake and eat it too. cheryl: some of the names, obviously this would be good for the stock, but probably not good for those who want a free room or a free deal, starwood is one of the hotel chains use is
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pulling back as well as marriott. hilton may be the worst offender of all three chains. its revenue so bad at hilton have to cut back on free rooms for the faithful? >> i think this is a pretty short-term strategy. long-term if it is so hard to redeem for a free room, business travelers may start choosing more long-term apartments, boutique hotels with more service, hilton can get a free night at a top property for 50,000 points. march 28 that jumps to 95,000, that is a huge increase. cheryl: let's talk about what you like. you are the guy that can tell us, you say chase, is that the general card, but you can use it for different airlines and hotels as well, so you like chase and starwood and american express. you've mentioned these before
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when i have spoken with you, are you still behind these three names? >> hotel programs, airline miles, they see value over time but the trick is to diversify. you don't want to just put all of your loyalty into hilton because one day they may be worth half as much as you thought. with the chase ultimate rewards, you bank and a central pool and they can transfer to a bunch of different partners. if one program gets worse, you can transfer to united and still get a big value. cheryl: revenue is coming back, do you think we will see even further the big names cutting back on reward trouble? airlines as well, do you think that is going to happen this year? >> absolutely. business travelers are back on the road, leisure travelers are more confident about the economy, so we saw some lucrative promotions and so far
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in 2013 all the airline and hotel promotions have been lackluster at best. there is still value in collecting hotel points. if you're going to stay at a hotel, you might as well do it anyway. finishers pulling off for you, not just the hotel chain. cheryl: good for the sox we watch and invest in, just maybe bad for us. thepointsguy, thank you, brian. >> thanks. dennis: time for your "media minute." time warner finally gets the gumption to sell out the magazine business at the bottom of the market and then nothing. new york post media columns as time warner has hit a snag. time group $3.4 billion per year in revenue, time warner only want to keep three of the most valued titles, time, fortune and "sports illustrated." and you call this history. the history channel raking in record high ratings on two new dramas.
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"the bible" and "viking." "viking" spanking 6.2 million. eat your hearts out, broadcasters. lastly, bravo director scoring the highest grossing bond film of all time. "skyfall" $1.1 billion at the box office but perhaps has pass on directing the next bond film in the series. cheryl: los angeles says the no to yet another tax and have a very miserable commute with a couple of l.a. stories coming up in the "west coast minute" for you. dennis: the big apple taking on the other big apple. new york mayor bloomberg latest health risk warning ahead. cheryl: as they go to break, take a look at the nasdaq. 6.7%. there are some winners for you today. we will be right back.
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dennis: breaking news, senator graham poll of kentucky has been on the senate floor for the past 30 minutes in the middle of an old-fashioned filibuster protesting president obama's position on drum strikes and american soil. he says i will not sit quietly while he shreds the constitution. we will keep you posted how long the senator keeps the filibuster going. in a hearing to confirm the cia
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director. cheryl: it is time for your "west coast minute." a proposal to increase l.a. sales tax has been rejected to: would've upped the tax by half a percent rating extra $200 million. the mayor had hoped to money would restore lost services. opponents say it would have been unfair burden on the poor and the elderly. turns out california is the hub for the most americans deemed macon commuter. 600,000 americans commit at least 50 miles am home every day and spend 90 minutes each way and that commute but the biggest concentration is in the golden state and los angeles county had the greatest number of mega-commuters. average l.a. commute 104 minutes. 60th miles. each way. and a new report has found oregon public colleges and universities are faced the worst budget shortfall in the nation. going up over the last five
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years while state-funded support dropped dramatically in oregon forcing massive tuition hikes. experts say that could hurt oregon's economy in the long run and that is your "west coast minute." dennis: the dow still in the green after yesterday's historic run. fox business market statesman lou dobbs joins melissa and lori on if you trust this rally. cheryl: plus, life after chavez. we will get the impact on the energy market ahead. what else is going on? we will be right back.
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Markets Now
FOX Business March 6, 2013 11:00am-1:00pm EST

News/Business. Business news. New.

TOPIC FREQUENCY Chicago 8, Hugo Chavez 7, New York 7, S&p 7, Washington 6, Lifelock 6, Peter Barnes 5, Nicole 5, Google 4, Gethelp 4, Connell 4, Ben Bernanke 4, Kuester 4, Canada 4, Cuba 4, Chavez 3, China 3, Dennis 3, Payne 3, D.c. 3
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